Friday, June 28, 2013

Earlier
this month Cleveland International Fund CEO Mr. Stephen Strnisha was invited to
speak to a bipartisan group of congressman in the United States House of
Representatives. He spoke to the assembled congressman and staff about the
mechanics of operating a EB-5 Regional Center and the benefits EB-5 funds can
have for the surrounding community. Operating as a source of non-traditional
financing, EB-5 investment capital can be used to jump-start or complete worthy
projects that are – for one reason or another – having difficulty securing
capital from conventional sources.

Congress
has become increasingly interested in the EB-5 program, given its potential to
stimulate regional economies, and there are now two bills in the US Congress
(one from the Senate and one from the House) that make changes to the program.
Given the interest on Capitol Hill, CiF appreciated the chance to present our
perceptions of the EB-5 industry and the possible effects of new legislation. We
understand the importance of working with our Congressional representative and
are pleased to be a part of Congress’ thoughtfully exploration the issue.

Thursday, June 27, 2013

As a
part of the Greater Cleveland Partnership (GCP) Annual Meeting, members of the CiF team took an opportunity to
tour Cleveland’s new Convention Center and attached Global Center for Health
Innovation.

The
Convention Center has a main exhibition floor of more than 225,000 square feet
(20,900 square meters), 35 meetings rooms, and a Grand Ballroom with 32,000
square feet (2,975 square meters) of flexible space that overlooks Cleveland’s
lakefront. To maximize urban space, the Convention Center is located
underground with a public park located on the roof. Despite being underground,
the space is neither dark nor claustrophobic, thanks to an innovative design
that emphasizes open space and natural light.

Mr. Joe Roman, head of GCP, highlights CiF’s involvement
with the Flats East Bank project.

CiF
was honored to be mentioned at the Greater Cleveland Partnership 2013 Annual
Meeting as an important instrument in financing Cleveland-area developmentprojects. CiF was singled out for its involvement with Flats East Bank project,
a catalytic mixed-use development project in downtown Cleveland that has opened
to rave reviews is bringing new life to the waterfront.

Wednesday, June 26, 2013

Cleveland International Fund is pleased to announce that we
have completely funded the EB-5 construction loan to University Hospitals. The
$60 million USD loan to the University Hospitals Health System was used to
finance the construction of two new health facilities, the Ahuja Medical Center
and the Seidman Cancer Center. These two new hospitals were part of University
Hospital’s more than $1.2 billion USD system-wide expansion plan.

The 120 EB-5 investors that participated in CiF’s UniversityHospitals Project have all been approved by the USCIS and have been cleared to
receive Conditional Green Cards from the United States Government.

On
Thursday June 13th the CiF Team attended the Ribbon Cutting ceremony
for the Aloft Hotel, part of the Flats East Bank development in downtownCleveland. The ceremony marked the official opening of the hotel to the public.
Leading the event were Cuyahoga County Executive Mr. Ed FitzGerald, the Mayor
of Cleveland Mr. Frank Jackson, and project developers Mr. Scott Wolstien, Ms.
Iris Wolstein, and Mr. Adam Fishman.

The
new hotel has 150 rooms, multiple meeting rooms, and a stylish lounge that
overlooks the Cuyahoga River. The Aloft brand is a division of Starwood Hotels
and the brand, which is designed to accommodate business travelers, has
recently become one of fastest growing hotel franchises with locations around
the globe.

CiF’s Chief Marketing Officer, Ms. Kristen Laughlin, recently
attended the 3rd annual EB-5 Dealmakers Conference in Long Beach,
CA.Hosted by EB-5 luminary Mr. Brian Su
and his team at Artisan Business Group, the conference featured many notable
figures in the EB-5 community- from immigration lawyers to developers to
Regional Center executives- discussing the ins and outs of the industry.Ms. Laughlin was pleased to participate in a
panel of Regional Center practitioners and attorneys discussing tips and best
practices for managing and operating a Regional Center as well as for marketing
EB-5 projects.

Tuesday, June 4, 2013

The
USCIS EB-5 Final Policy Memorandum (or PM) published on May 30th represents
a welcome codification and clarification of the various legal statutes that
have thus far been governing the program’s management. While by no means exhaustive,
CiF is pleased the memo was published as it gives indication of an increasingly
predictable regulatory structure.

Though
there are some policy changes, the primary purpose of the PM is to serve as the
de facto document that explains how the EB-5 program ought to operate. To that
end, the memo clearly outlines the intent of the EB-5 program, establishes
operational definitions of terms from the original legislation, and gathers
together the various legal precedents that have come to dominate EB-5 petition adjudication.
The resulting document is an authoritative description of the basic parameters that
govern the EB-5 program and petition adjudication.

Though
there are certainly areas the memo does not exhaustively address however it is
nonetheless a good foundation on which to build. We at CiF are excited to see the
implementation of the PM and believe that the changes USCIS intends to make
will serve to further improve EB-5 program.

About CiF

Cleveland International Fund (CiF) is a private equity fund that finances local, job-creating projects by raising investment funds from around the globe. Operating under a US government program known as EB-5, we offer our foreign investors and their families an expedited path to permanent US Residency. We also fulfill a mission of financing job-creating projects that spur economic development in our community.

Disclaimer

This material is not an offer or solicitation to invest in any security, does not form part of any existing or future solicitation or offering, and is provided for general information purposes only and not as immigration, investment or tax advice. Security offerings, if any, will only be made pursuant to exemptions from registration requirements set out in applicable securities laws. The content hereof is qualified in its entirety by any offering memorandum and related operating agreement that may exist now or in the future.